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Originally Posted by Spr0ckets
You're basing all this on what, exactly?
You can't just say, "the mall would make even more money than it is now", or that "One why or another the mall will be redeveloped" when you have presented absolutely nothing to back up that position.
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Maybe you missed it in my post, but I said that there would be 30 000 people living and working right above the mall, only an elevator ride away. It's safe to assume that that would boost business.
Quote:
Originally Posted by Spr0ckets
The only thing you've said that can be factually inarguable is that the land the mall sits on is worth billions of dollars. And that's BECAUSE OF THE MALL itself, (and the revenue it brings into the area), primarily and almost exclusively. It's also because of the mall that the value of most of the property surrounding it is probably higher than the market rate or what it should be worth.
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I estimate the value of the property the mall sits on at around 5 billion (it's a huge site). Through rezoning you could build 10's of thousands of residential units and millions of square feet of office space. That's what gives the property its high value.
Quote:
Originally Posted by Spr0ckets
And the comparison with the Oakridge redevelopment is a little but asinine and short-sighted since almost nothing between the two situations are remotely comparable on a fair level.
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There looks to be a lot of similarities to me, but obviously you disagree and that's fine. Mostly my point was that developments of this magnitude are happening in Vancouver.
Quote:
Originally Posted by Spr0ckets
The only thing we know for a fact is that there's never been any discussion on the part of the mall to ever pursue such a redevelopment by Ivanhoe Cambridge themselves, and if it were so clear-cut to (more) profit and revenue as you seem to be implying, and yet they still haven't.....well, that should tell you all you need to know about just how viable such a strategy could be from the perspective of the people actually looking at the actual numbers and not pulling projections out of their asses.
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Are you a top executive with Ivanhoe Cambridge? How could you possibly know what's being discussed? I know you laid out all your reasons why Oakridge is different but it's a large, successful mall that's being redeveloped. In fact Oakridge is much more successful than Metrotown, it's the second most profitable mall in Canada, so there would actually be less incentive for Oakridge to redevelop compared to Metrotown. If the second most profitable mall in Canada does a full redevelopment, then why not Metrotown?